Strategy. The Fund seeks to achieve its investment objective primarily through investments in municipal debt securities whose interest payments generally are exempt from U.S. federal income taxes. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high income municipal debt securities. For these purposes, municipal debt securities include debt obligations issued by state and local governments, their political subdivisions, agencies, and public authorities, and certain other governmental issuers (such as the U.S. territories of Puerto Rico, Guam, and the U.S. Virgin Islands). Municipal debt securities in which the Fund may invest also include participations or other interests in municipal securities backed by banks, insurance companies, and other … Show more… The Fund seeks to achieve its investment objective primarily through investments in municipal debt securities whose interest payments generally are exempt from U.S. federal income taxes. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high income municipal debt securities. For these purposes, municipal debt securities include debt obligations issued by state and local governments, their political subdivisions, agencies, and public authorities, and certain other governmental issuers (such as the U.S. territories of Puerto Rico, Guam, and the U.S. Virgin Islands). Municipal debt securities in which the Fund may invest also include participations or other interests in municipal securities backed by banks, insurance companies, and other financial institutions. High income municipal debt securities include those securities rated at the time of purchase A+ or below by S&P Global Ratings (S&P) or Fitch Ratings, Inc. (Fitch), or A1 or below by Moodys Investors Service, Inc. (Moodys), or below a comparable rating by another nationally recognized statistical rating organization, or if unrated, securities of comparable quality as determined by the Funds sub-adviser in its sole discretion. If a security has ratings available from all three ratings organizations, its final rating will be the middle rating. If a security has ratings available from only two of the ratings organizations, its final rating will be the lower rating. The Fund may invest up to 30% of its net assets in municipal securities subject to the federal alternative minimum tax. The federal alternative minimum tax is a separate U.S. federal tax system that operates in parallel to the regular federal income tax system but eliminates many deductions and exclusions. The federal alternative minimum tax system treats as taxable certain types of income that are nontaxable for regular income tax purposes, such as the interest on certain private activity municipal bonds, which are bonds issued by state or local governments to fund projects that primarily benefit private businesses or individuals rather than the general public. The Fund is an actively managed fund which utilizes a value-approach in identifying attractive securities and sectors within the municipal market ( i.e. , securities or sectors the price of which represents their intrinsic value or an amount less than their intrinsic value and which are subject to an appropriate level of risk, each as determined by the Adviser or Sub-Adviser). The Fund invests in a portfolio of securities with an average duration between five and ten years. Duration is a measure used to determine the sensitivity of a portfolio to changes in interest rates with a longer duration portfolio being more sensitive to changes in interest rates. For example, the value of a security with a duration of ten years would be expected to decrease by 10% for every 1% increase in interest rates. To the extent possible, the Fund seeks to diversify interest rate risk across the curve, with a focus on securities that are expected to mature or have an option to be called or tendered inside of 15 years. Specifically, the Fund will seek to invest in investment grade securities across maturity rungs, while its investments in non-investment grade securities could be limited by security availability among other factors as discussed below. The Fund also may assign greater weight in its portfolio to securities with longer stated maturities and potential calls of ten years or beyond. The Fund anticipates generally investing a greater portion of its assets in revenue bonds relative to general obligation bonds. Although the Fund may invest in municipal debt securities in any rating category, the Fund expects to limit its investment in non-investment grade municipal debt securities to less than 50% of its assets. Non-investment grade rated municipal securities include securities rated Ba1/BB+/BB+ or lower, as rated by Moodys, S&P or Fitch, or if unrated, the equivalent thereof as determined by the sub-adviser in its sole discretion. The extent to which the Fund invests in non-investment grade securities is a function of availability, market conditions, and active selection. Under certain circumstances, the Fund may invest in non-investment grade securities to a limited extent only. The Funds exposure to any single obligor of a municipal debt security generally will be limited to 10% of the Funds assets. Similarly, exposure to any single state is expected to be limited to 25% of the Funds assets. The Fund may invest more than 25% of its assets in municipal debt securities that finance similar projects, such as those relating to education, health care, housing, transportation, and utilities. The Fund also may invest more than 25% of its assets in industrial development bonds, which are revenue bonds issued by or on behalf of public authorities to obtain funds to finance various public and/or privately operated facilities, including those for business and manufacturing, housing, sports, pollution control, airport, mass transit, ports and parking. Show less